The Innovative Finance ISA is here
At the 2015 Summer Budget, it was confirmed by HM Treasury that holding peer-to-peer (P2P) loans within Individual Savings Accounts (ISAs) would become a reality. As of 6 April 2016, lenders are able to enjoy tax-free interest courtesy of the new Innovative Finance ISA (IFISA), which will cover loans arranged through peer-to-peer (P2P) platforms that have received full authorisation from the FCA, and ISA manager approval from HMRC.
We have now received confirmation of full authorisation from the FCA, along with ISA manager approval from HMRC, and will be launching the Lending Works ISA in early 2017!
IFISA: The details
Lenders will be able to set up a Lending Works ISA and enjoy tax-free returns on up to £15,240 (the individual annual ISA allowance across all three ISA categories) lent via peer-to-peer lending each financial year.
Furthermore, the limit of £15,240 relates only to funds subscribed during the current financial year, which means there is no limit to the amount of ISA capital accumulated over previous tax years which you can transfer into your Lending Works ISA.
What our customers say
After researching, Lending Works offered the best balance of competitive returns and credible protection to me.
How to set up your Lending Works ISA
Of all the things to worry about in life, lending your money shouldn’t be one of them.
The Lending Works Shield includes a reserve fund to cover any missed loan repayments,
and unique insurance which helps protect against some of the key reasons for borrowers defaulting.
The result? Every penny of capital and interest has been returned to our lenders on time since we launched in 2014.
Keeping you informed
It's likely that you'll still have many questions relating to the Lending Works ISA. So, to simplify all the technicalities and clear up any uncertainties you may have, we've put together our ultimate IFISA guide.
You can also familiarise yourself with all things relating to the implementation of the ISA by reading our latest blog posts:
Get notified when we launch our ISA
With full FCA authorisation and ISA manager approval now in hand, we will be launching the Lending Works ISA in early 2017. If you'd like to know precisely when we launch our ISA, or if you'd like to be kept updated of developments with IFISAs in general, please leave your email address below:
“It has been another fiercely competitive year, but the likes of Lending Works continue to bring something fresh and more rewarding to the table."
“Lending Works has improved the protection given to investors by launching extended insurance for all its loans”
Frequently asked questions
Who can open a Lending Works ISA?
How much can I invest into my Lending Works ISA?
Can I withdraw money from my Lending Works ISA?
How many ISAs can I have?
What is the Personal Savings Allowance?